The Purchase Process
For your information and so you know what to expect when purchasing a property through Undiscovered Spain, we have set out below a guide to the purchase process:
Step 1: Following your initial enquiry, we work with you to establish your exact requirements and budget. Our sales team will help you compile a short-list of suitable properties and, as most of our clients wish to visit Spain to see the properties, a personally tailored viewing trip can be arranged for you. These need to be booked in advance and we recommend you allow for at least 2 days with us on the trip. We can assist with booking hotels and arrange for you to be met in the local area and taken to view the properties you are interested in.
Step 2: When we find your ideal property and you wish to proceed with the purchase, you will be asked to make an initial payment of between 1,000 and 5,000 euros – this varies with individual properties. You will receive a receipt for this which forms part of the sales contract. This gives you 2/3 weeks to sort out the balance of the 10%. At this stage it is advisable to meet with a local lawyer, so you can confirm your instructions to him and where necessary visit the local notary to give the lawyer POA. He can then apply for your NIE number and open a local bank account.
Step 4: The next step is to complete the purchase and pay the balance of the funds. This normally takes place up to 30 days after payment of the 10% – but the completion date will be agreed with the vendor and the lawyer to suit both parties.
Purchase costs and fees:
Lawyers’ fees: These will vary but generally we suggest you budget for about 1,250 euros. Your lawyer will confirm these with you at your first meeting.
Transfer Tax: 8% of the declared value of the property is to be paid within 30 days of completion (may differ from purchase price).
Notary fees: 300 to 800 Euros per property based on declared sales price paid on completion.
Land Registry fees: Approximately 400 Euros per property paid on completion.